Registers of Scotland returns to profit
Registers of Scotland (RoS) has recorded its first profit since the financial crisis hit, according to its annual report for 2013-14 just released.
The non-ministerial department, which operates as a trading fund, made a surplus of £11m in the last financial year, compared to a loss of nearly £2.5m in 2012-13.
Continuing operations income for the year rose from £57.4m to £62.6m, while costs fell from £59.9m to £51.6m. Net interest income and charges were up slightly at £0.068m; and Capital expenditure for the year was £4.4
The year saw the opening of a new extension and customer service centre at Registers' offices at Meadowbank House, Edinburgh.
The report records performance against service standards and targets at or close to 100% across all headings, except for registering pre-31 December 2012 transfers of part, where only 44.4% of the 16,360 cases were completed by the target date of 30 September 2013. However only 1,400 of these complex historical cases remained outstanding by August 2014.
It is also reported that 82 claims for indemnity were settled during the year, at a total cost of £503,733. Fifteen were rejected as having no statutory basis.
Registers' main challenges in 2014-15 are stated as:
- addressing the changes to its operations required to deal with theimpact of the fluctuating property market;
- implement the legislative requirements created by the Land Registration etc (Scotland) Act 2012 and the new land and buildings transaction tax;
- further developing its in-house IT services and capability; and
- identifying ways in which the data held can be used for the benefit of the Scottish economy.
RoS is also currently consulting (until 4 November) on the completion of the Land Register, which Scottish ministers have asked to be completed in 10 years, with all public land registered in five years.
Keeper of the Registers Sheenagh Adams said: “Our success in the last financial year reflects the growing property market, which has seen consolidated growth this year. We’ve also continued our commitment to meeting and exceeding our service standards for our customers.
“This puts us on a much stronger footing for the year ahead, and makes us well equipped for our biggest projects such as completing the Land Register and implementing the Land Registration etc (Scotland) Act 2012.”